Fishing by permit: Restricted common property in practice

Abstract

Abstract Much has been written about the theoretical advantages of limited entry as a response to the problems of unrestricted common property in the commercial fisheries. Yet, full‐fledged limited‐entry systems have only rarely been worked out and implemented in practice. A notable exception to this is the limited‐entry regime adopted by the State of Alaska in 1973 and set forth in Alaska Statute 16.43.010 et seq. This essay offers a systematic evaluation of experience under the Alaska regime, covering the occurrence of unintended consequences and the pursuit of unstated objectives as well as the fulfillment of stated objectives. Overall, though limited entry has had a substantial impact on commercial fishing in Alaska, the regime has encountered serious problems and the future prospects of the limited entry program are not auspicious. Nonetheless, the alternatives to some form of limited entry for Alaska's commercial fisheries are not particularly attractive.